Taxation by LSBF (Carolyn Napier) Question 1 Income tax computations for husband and wife or partnership ■ For a self employed person involving adjustment of profit ■ Capital allowances for plant and machinery ■ Opening or closing year rules ■ Employment income including the evaluation of benefits including the car, fuel, mileage allowance, accommodation benefit ■ Savings income and dividend income and interest payable on special loans ■ Computing the income tax payable ■ Computing national insurance contributions ■ Computing payments on account and balancing payments Question 2 (a) Corporation tax computation ■ Adjustment of profits and the computation of capital allowances on plant and machinery and industrial buildings. ■ Capital gains on disposal of an office building with the possibility of rollover relief ■ Property business profits ■ Computing corporation tax for a straddling CAP Question 3 Capital gains/ loss computations ■ Determining capital gains and losses ■ Principal private residence relief ■ Gifts holdover relief, incorporation relief ■ Computations involving chattel rules and part disposals ■ Capital gains implications of capital losses ■ Mixed bag of disposals including the matching rules for shares and rights or bonus issues Question 4 Corporation tax losses under S393A including terminal loss relief orProperty business profits and their calculation for an individual including furnished holiday letting income. Question 5 (VAT) ■ Accounting for VAT ■ Due date for VAT registration and pre registration input VAT ■ Determination of tax point ■ Contents of VAT invoice ■ Cash accounting or annual accounting scheme F6 Taxation June 2009 Important Topics by FBT ■ Income tax – looking at both employment and self employment income ■ Corporation tax – including short accounting period, capital allowances, adjustment to profit and a VAT return ■ Capital gains tax ■ Overseas